Useless at the moment when the only USB4 hosts are guaranteed to have PCIe not least because they are still, largely, PCIe bus-based devices. Going forward, though, I can see phones, tablets, embedded and other non-Intel devices - that weren't really a target for Thunderbolt but will be for USB - wanting to implement USB4 without bothering with PCIe. You might even see systems-on-a-chip with just USB4 coming out of the package, rather than the usual mixture of PCIe, DisplayPort and USB 3....
Plus, for peripherals, TB -> USB3 is obviously simpler than TB->PCIe->USB3, especially if you need
additional USB 3 ports (the built-in USB controller is a zero-sum game if the peripheral has a daisy-chain port).
These are devices that aren't looking for single, super-fast I/O channels so much as a way to funnel lots of slower peripherals through a single physical port... which, of course, is the old problem with "USB-C" trying to cater for everything from a smart fridge to a supercomputer... and will result in (at least) two distinct and incompatible ways of implementing USB ports on a USB4 peripheral...
I expect that USB 3.1 gen 2 will (a) be the end of the road for USB 3.X-based technology and (b) remain the bog-standard "good enough for most things" connectivity method for the next 5-10 years, with USB4/40Gbps peripherals a premium option mostly reserved for high-end displays... with the only really mass-market application being multi-port hubs for multiple slower devices.
True but, if I've got it right, the spec says
each USB4 port must be capable of 7.5W (and TB4 requires at least one to be 15W...?) which seems to rule out a purely bus-powered hub actually qualifying as "USB4". Maybe we'll see cheap hubs on fleaBay that play fast and loose with this...